Arthur Hayes is watching a $60 billion Federal Reserve limit as the next liquidity trigger for Bitcoin, tied to Japan’s yen intervention. Hayes is waiting for the Fed to raise or remove the FIMA facility cap, which allows foreign monetary authorities to obtain dollars against US Treasury collateral. Bank of Japan data suggests Japan may have spent up to $95.55 billion across July 30 and July 31 to support the yen, which traded around 159.45 per dollar in early August. Treasury Secretary Scott Bessent has publicly urged the Fed to expand FIMA as a way for Japan to access dollars without selling Treasuries outright. The Fed’s H.4.1 report for the week ended August 5 still showed zero foreign-official repos, meaning Hayes’s liquidity trigger remains inactive until actual usage appears.
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